Business management consultants' industry history and trends

Although many companies resort to the business management consultants' help in their crisis times, during the first few years of the new millennium, a significant downfall of the industry's profitability occurred. However, in the 80s and 90s of the last century, the business management consultants' business was on the rise and experienced a rapid growth. Nevertheless, there has been observed a small, but constant growth, in the area of business management consulting lately.

One time or more, many companies face with challenges and downfall times in their history of business operations. During such times, most of such companies resort to the help of business or operations management consultants, as business management consultants can offer them vast knowledge and skills in a data collecting and a statistical analysis, which can help companies properly detect their problems and find the best approaches for solving them.

The business management consulting has a rich history of development. The first ever management consulting company was founded in Chicago, back in 1926. It was called McKinsey&Company and it is still considered to be among the leaders of the management consultancy field of expertise. During the 80s and 90s of the last century, the business management consultants' business was on the rise and experienced a rapid growth. However, during the first few years of the new millennium, a significant downfall of the industry's profitability happened. Lately, there has been observed a small, but constant growth, in the area of business management consulting.

Currently, business management consultants provide their services in such fields of expertise as performance management, performance measurement, workforce management, project management, employee Involvement and empowerment, managing change and crisis situations, customer service and strategic management. There are three main categories of agencies that provide various companies with business and operations management services. The first category represents large and diversified organizations, which in addition to the management consulting, offer a wide range of other services. Then there are some large companies, which operate only the market on business management consulting services. Those shops do not have a narrow specialization in any particular business area. Finally, there are small consulting management shops, which narrow down their field of expertise to a particular business area of consulting.

Business management consultants may use a variety of approaches in providing their clients with valid insights and business solutions. They may apply such methodology and tools as the

identification and cross-fertilization of the best practices, analytical techniques, change management and coaching skills, technology implementations, strategy development or even the simple advantage of an outsider's perspective on the companies' state of affairs. All these methods may help companies detect the existing and future possible problems in various business areas, enhance or improve their business performances and develop effective future strategies and business plans. Business management consultants can also help companies simplify their management and business complex processes and find the shortest ways and the best possible solutions and approaches for attaining their corporate business objectives.

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